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One lot of merchandise was counted at $122.87. A second count of the same merchandise showed...

One lot of merchandise was counted at $122.87. A second count of the same merchandise showed $122.00. The difference could be ignored due to:

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Answer #1

Materiality.

One lot of merchandise was counted at $122.87. A second count of the same merchandise showed $122.00. The difference could be ignored due to Materiality.

Explanation: Materiality is the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement.”

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